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Reading: Lucid Group raises $1.5 billion from the Saudi public wealth fund and other investors
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EV-a2z > News > Lucid Group raises $1.5 billion from the Saudi public wealth fund and other investors
News

Lucid Group raises $1.5 billion from the Saudi public wealth fund and other investors

EV-a2zm
Last updated: 2022/12/23 at 10:11 AM
EV-a2zm Published December 20, 2022 2 Min Read
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Lucid Air Showroom
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American electric vehicle manufacturer Lucid Group declared that it had successfully raised $1.5 billion in equity on December 19, according to CNBC.

Contents
How did it happen?Purpose
https://twitter.com/media_newsnoon/status/1604972646147526657

In hindsight, the company initially disclosed the offering in November when it released its third-quarter financial results.

How did it happen?

A private sale of over 86 million shares to a subsidiary of its biggest investor, the Public Investment Fund of Saudi Arabia, allowed Lucid to raise the majority of that fund worth around $915 million. 

On the other hand, Lucid traded another 56 million shares in a conventional secondary stock offering to raise the necessary $600.

Purpose

As per the report, the significant founding round aimed to raise the Saudi Public Wealth Fund’s ownership of Lucid to its former level of around 62%.

Lucid aims to “further strengthen its balance sheet and liquidity position” with that enormous fund.

Notably, Lucid’s latest financial report indicates that it has around $3.85 billion in cash as of September 30.

The race is just beginning. #LucidAir
 https://t.co/MS1BM0gtPJ pic.twitter.com/cZZIj8uJC5

— Lucid Motors (@LucidMotors) December 15, 2022

This significant fund demonstrates that Lucid is not going bankrupt. Furthermore, it also shows how the Saudi PIF has increased its investment in Lucid, which signifies its confidence in the company. That said, both owners of Lucid Air and investors will benefit from this.

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TAGGED: Electric Vehicle, EV, Lucid Air, Lucid Group, Saudi Arabia
EV-a2zm December 23, 2022 December 23, 2022
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